Cancer Drug Market to Witness Growth Acceleration by Top Key Players 2021 with a CAGR of 5.9%

The Global Cancer Drug Market size valued at USD 112.73 billion in 2019, and is predicted to reach USD 215.11 billion by 2030, with a CAGR of 5.9%, from 2020-2030.

Cancer is a chronic disease that tends to initiate abnormal growth of cells, leading to formation of tumors, that have tendency to propagate throughout the lymphatic system, blood, and tissues in the human body. Conversely, benign tumors are non-cancerous tumors. There are different types of cancers like lung cancer, stomach cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, renal cancer, bladder cancer, and others. Cancer can be diagnosed with the help of various clinical investigations such as CT scans, blood test, biopsy, and others diagnostic options. In early stages of cancer, chemotherapy is used as first-line treatment, and for chronic cancer diseases targeted therapy, immunotherapy as well as a combination of different therapies is used as treatment options.

The leading behavioral and dietary risks such as, obesity, lack of physical activity, nutrient deficiency due to food habits, sedentary lifestyles, and higher consumption of alcohol & tobacco, are leading to higher prevalence of cancer worldwide; shall consequently propagate the growth of cancer drug market, in coming future.

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Top Companies: Astellas Pharma Inc., AbbVie Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, f. Hoffmann-La Roche ltd., Celgene Corporation, Merck & Co., Inc., Johnson & Johnson (Janssen Global Services, LLC,), Pfizer Inc., and Novartis AG and others.

Market Dynamics and Trends

Cancer caused nearly 9.6 million deaths in 2018, and it is the second-leading cause of death world-wide; according to the data provided by the World Health Organization. At global level, about 1 in 6 deaths are due to cancer. This market scenario is responsible for creating new avenues for growth in the global cancer drug market.

However, cost-effectiveness of cancer drugs along with their side effects are expected to adversely affect the global cancer drug market growth.

Moreover, factors such as, increase in number of geriatric population, rising awareness about cancer treatment options, increasing investments in R&D activities regarding formulation of potent cancer drugs, advancements in product technologies as well as untapped market opportunities offered by emerging economies, are to create lucrative opportunities in the global cancer drug market, in coming future.

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Market Segmentations and Scope of the Study:

The global cancer drug market share has been analyzed based on drug class, indication and geography.

Based on drug class, the cancer drug market is segmented into Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy. Based on indication, the cancer drug market is divided into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominated the global cancer drug market in the past and is expected to maintain its dominance throughout the forecast period. This is attributed to well-established healthcare infrastructure, presence of specialized medical practitioners & surgeons, advancements in product technologies, increasing inclination towards sedentary lifestyles and easy access to premium chemotherapy treatments in this region.

Asia Pacific region is expected to witness a substantial growth in the global cancer drug market throughout the forecast period, witnessing the highest CAGR values. Factors responsible for boosting the cancer drug market growth in this region are, improving healthcare infrastructures, growing consumer awareness about different cancer treatment options, increasing investment in R&D activities, raise in per-capita disposable incomes, as well as untapped market opportunities offered by the emerging economies present in this region.

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